XLE energy sector is underperforming the market in the last 3 months
a look in the long term chart reveals a steady uptrend starting in mid 2012
then in feb 2014 price become more assertive and didn't have a "real" correction
fib retracement show support at 94$ and price action today may suggest that the correction is at its end
crossing the dashed black line will be confirmation to resume uptrend
1st resistance at 98.5$
if price crosses resistance raise stop instead of taking profit at 130.6
as long as the channel is intact price will go higher
a look in the long term chart reveals a steady uptrend starting in mid 2012
then in feb 2014 price become more assertive and didn't have a "real" correction
fib retracement show support at 94$ and price action today may suggest that the correction is at its end
crossing the dashed black line will be confirmation to resume uptrend
1st resistance at 98.5$
if price crosses resistance raise stop instead of taking profit at 130.6
as long as the channel is intact price will go higher
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.